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While credit card debt may be good, it can become overwhelming

It is often said that not all debts are bad. However, some New Jersey consumers may believe that credit card debt is to be avoided at all costs. Recent surveys indicate that a substantial percentage of millennials between the ages of 18 and 24 do not have credit cards while those between 25 and 34 do use them. Financial advisors note that some credit can be beneficial if managed properly.

Many millennials have student debts, and this may discourage them from getting credit cards. However, when the time comes to get a car loan, a mortgage or other credit, lenders may be wary if the applicant has no other credit history than the student debt. A person's credit history may also be checked by potential employers and even landlords with regard to rental applications.

It is not uncommon for consumers to feel that they might not have the self-control to limit credit card spending. Some advisors suggest that even one single credit card that is used to pay one monthly bill can be enough to build a credit history. However, the fact that credit card companies encourage consumers to pay only the minimum amounts every month can lead to excessive interest charges that can take years to pay off. Credit card holders can avoid any interest charges by only spending what can be paid in full every month.

Unfortunately, circumstances such as unforeseen medical expenses or loss of employment sometimes leave consumers with no choice but to use their credit cards for daily living expenses. In no time such credit card debt can become overwhelming and remedies may be necessary. With the support and guidance of an experienced bankruptcy attorney, New Jersey consumers may find solutions that will put them back on the road to financial stability.

Source: wtvm.com, "3 reasons for Millennials to use credit cards", Andrew Housser, Accessed on Sept. 2, 2016

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